The Supreme Administrative Court is gradually granting more rights to environmental organisations (EOs) in nature conservation procedures. Following a December 2020 ruling of the Supreme Administrative Court regarding the party status of EOs (for further details please see "New ruling expands environmental organisations' rights in nature conservation procedures"), the Supreme Administrative Court remains on course with its pro-EO case law. In recent months, the court has issued several more interesting rulings that seem to strengthen EOs' position in nature conservation proceedings.
Crowdfunding is a type of intermediation where the service provider operates a platform (e.g. website) open to the public. The purpose of that platform is to match enterprises seeking financing with prospective investors. The enterprises typically receive small amounts of money from many investors (usually natural persons), via lending (lending-based crowdfunding) or investment into shares (investment-based crowdfunding). Some of the best-known crowdfunding platforms are Kickstarter or Indiegogo. By introducing a single European regulatory framework, the uncertain Hungarian legal environment might change, potentially giving a boost to the crowdfunding market.
A law implementing, among others, Directive (EU) 2019/878 amending Directive (EU) 2013/36 (Capital Requirements Directive - CRD V) has been passed by the Austrian Parliament and Federal Council, and has been published in the Federal Gazette. CRD V (as part of the package together with Regulation (EU) 2019/876 amending Regulation (EU) 575/2013 – CRR II) aims to close regulatory gaps in the existing financial regulatory framework and, while adding prudential measures as to capital requirements, requires certain entities to comply with new licensing obligations.
Hungary was one of the last EU countries to introduce a register of ultimate beneficial owners. While the provisions of the Fourth and Fifth AML Directives were already implemented in the Hungarian AML Act, the technical conditions on the actual operation of the UBO register were only adopted by Act XLIII of 2021 ("UBO Register Act") and are in force as of 22 May 2021.
The Vienna office of Schoenherr has advised joint lead managers Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, DekaBank Deutsche Girozentrale, Landesbank Baden-Wurttemberg, and Raiffeisenbank International AG, on the placement of EUR 500 million 0.5% mortgage covered notes due 2041 issued by Raiffeisen-Landesbank Steiermark AG. Wolf Theiss reportedly advised the issuer.
Hungary is one of the first countries in CEE to fully implement Directive 2019/790 on Copyright in the Digital Single Market ("CDSM Directive") and Directive 2019/789 ("SatCab 2.0 Directive"). The so-called "Copyright Reform Act" (Act XXXVII of 2021) was published in the Official Gazette on 6 May 2021, and the majority of the new rules will be effective as of 1 June 2021.